A study by Remodeling magazine found that replacing the garage door gives homeowners more return on investment (ROI) than any other home remodeling project. This was the second consecutive year the survey found the garage door to be the highest ROI project in the home. In short, replacing your garage door improves the appearance of your house, which increases its resale value.
Garage door makes a big difference
The Remodeling survey compared “typical home-improvement project costs with what those projects contribute to a home’s price at resale.” The 2020 survey calculated the average cost versus value for 22 popular home remodeling projects in nine U.S. regions and 101 U.S. markets. The study revealed that the cost for an upscale garage door replacement was $3,695 and the estimated value at resale was $3,491. This was a 94.5% ROI, which far exceeds the 66% average for other remodeling projects. Although this is down slightly from 97.5% in 2019, the high return indicates that an upscale garage door replacement is still a worthwhile project.
According to the report, “the reason for high returns on exterior projects, and especially façade facelifts, stems from the valuations set by the real-estate community.”
Exterior projects give more ROI
One takeaway from the survey was the higher ROI that comes from exterior renovations, as opposed to interior projects. Outside of the garage door, the top projects include:
- Manufactured stone veneer (95.6% ROI)
- Fiber-Cement Siding Replacement (77.6% ROI)
- Midrange Siding Replacement (74.7% ROI)
- Vinyl Window Replacement (72.3% ROI)
The only interior project in the survey’s “top six” projects was a midrange minor kitchen remodel, which had 77.6% ROI.
When it comes to maximizing the value of your project, it’s clear that curb appeal is king.